Armenia's foreign trade nearly doubles in 7 months to $20.4 billion

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YEREVAN, September 5. /ARКА/. Armenia's foreign trade in January-July 2024 soared by 95% compared to the same period in 2023 to over $20.4 billion, according to the National Statistical Committee./pp

The trade with Russia amounted to over $9 billion, an increase of 2.4 times compared to the first seven months of 2023./pp

Armenia's foreign trade with EU countries fell by 21.4% to over $1.2 billion./pp

The top five trade partners were Germany ($271.6 million, down 31.1%), Italy ($244 million, up 1%), Belgium ($105.6 million, up 19%), the Netherlands ($92.5 million, down 59.3%) and France ($83.4 million, down 8.8%)./pp

Trade with the UAE grew to about $4 billion, up 7.3 times, trade with China grew to about $1.7 billion, up 41.6%, that with Iran fell by 2% to $388.9 million and trade with the USA fell to $265.2 million./pp

Exports/pp

According to statistics, exports from Armenia increased by 2.2 times compared to January-July 2023 to over $8.7 billion. Exports to Russia fell to $1.7 billion, a decline of 22.4%./pp

Exports to the EU countries decreased by 26.3% compared to January-July 2023, to $332 million. Exports to Belgium grew to $70.5 million, an increase of 33.2%, exports to the Netherlands fell to $63.2 million, a decline of 66.2% and to Bulgaria to $45.8 million, a decline of 7.7%./pp

Exports from Armenia to the UAE grew to about $4 billion, an increase of 7.7 times, exports to China upped to $778 million, an increase of 3.2 times, to Iraq -to $108 million, an increase of 0.1%./pp

The bulk of exports were precious and semi-precious stones, precious metals and items- $6 billion, an increase of 7.9 times compared to January-July 2023, machinery, equipment and mechanisms - $702 million, a decline of 5.4%, mining industry - $589.3 million (an increase of 18%), finished food - $477.7 million (a decline of 2.2%)./pp

Imports/pp

The volume of imports to Armenia amounted to over $11.6 billion, recording an increase of 79.1% compared to January-July 2023. The volume of imports from Russia grew to $7.6 billion, an increase of 4.4 times./pp

The volume of imports from EU countries decreased by 16.4%, amounting to $1.1 billion. Imports from China grew to $567.5 million, an increase of 7.2%./pp

The bulk of imports were precious and semi-precious stones, precious metals and items -$6.4 billion (an increase of 9.1 times), machinery, equipment and mechanisms - $1.5 billion (an increase of 4.1%), mining industry - $613 million (a decrease of 4%), land, air and water transport vehicles - $518.8 million (a decrease of 55.7%).-0-/p